Things seem to be looking up in the crypto space today, especially in Ripple’s (XRP) and Ethereum’s (ETH) market. As top cryptocurrencies by market cap, ETH and XRP have surged significantly in price, which is quite impressive considering their downtrend some days ago.
Ethereum Spikes by 7.15% Within 24 Hours
Ethereum, the second top cryptocurrency based on its $21 billion market cap is valued at $196.27, as at press time. ETH’s current value is a 7.15% increment within the space of 24 hours. The value can best be appreciated by taking a closer look at charts which shows that ETH was priced at $186.18 precisely at 11:09 UTC +01:00 on August 18, 2019, according to CoinGecko.
In the same vein, it’s even more remarkable where ETH has come from, given its low of $178.14 on August 15, 2019. The last time the cryptocurrency traded at that price range was on the 11th of May 2019. As such, there was a lot of anxiety in the crypto space that things may soon become gloomy again.
XRP Gains 9.14% in Price
XRP, on the other hand, has made a comeback in the past 24 hours. As of press time, XRP, the third-largest cryptocurrency based on its $12 billion market cap is priced at $0.287. The surge in price is 9.14% increment. According to CoinGecko, XRP leaped in price precisely at 10:59 UTC +1:00 when it was valued at $0.269.
Before this time, XRP had declined to $0.252 on August 14, 2019, which was entirely unexpected. The latter can be attributed to the fact that the last time XRP was valued around $0.25 was on September 2018. That is to say, even Bitcoin’s low of $3,400 on December 2018 was unable to bring down XRP’s price to that level until this month.
Sentiments That XRP Could Decline Further
XRP’s significant decline had caused a lot of agitation with several analysts predicting it will go lower than $0.20 soon. Peter Brandt, for instance, opined on August 14, 2019, that if Ripple, the blockchain company behind XRP is unable to hold the virtual asset’s support above $0.24, then XRP could tank to $0.020725. Brandt also stated on July 11, 2019, that a correction in Bitcoin’s price would take a toll on XRP to see the asset priced at $0.16.
While these predictions were ongoing, several loyal XRP hodlers were still confident that XRP could make a U-turn and even experience a bull run. On August 15, 2019, Akwa Flow, a crypto analyst remarked that on August 14, 2019, XRP reached a 33 week low which is similar to what it did about a year ago before spiking. Thus, this could be another signal for a bull run in the XRP market.